As part of their new year housing predictions, real estate behemoth Zillow recently announced its home value forecast for 2017. At the top of the list? Nashville, which analysts determined showed quickly appreciating home values, low unemployment and income growth. Most of the rest of the cities atop that list are from the west (see: Seattle, Denver, and Provo, Salt Lake City and Ogden – all in Utah). Since Philly didn’t make the top ten list, we get a shorter forecast about hot neighborhoods instead.
Using the income growth, home values and unemployment metric, economists at Zillow say place your Philadelphia bets on the following neighborhoods: Point Breeze, Walnut Hill, Port Richmond and West Kensington. In these neighborhoods, analysts are forecasting 12 percent, 8.7 percent, 8 percent and 7.1 percent home value growth, respectively.
Forecasters at Zillow are also feeling very bullish about a teeny, tiny Philadelphia hamlet called Greenwich. They’re predicting 8.5 percent growth in the South Philly microneighborhood. (Curious about where it is? We were too).
To really geek out over Zillow’s data and forecasts, check out their metro area research on the blog here.
Know of an interesting property in the Philadelphia or South Jersey region? E-mail us!